Technical analysis of Shadus shares in September 1402 / Share exit from long compression – Tejaratnews
According to Tejarat News, Sina Chemical Industries Company can be traded on the second market of the stock exchange under the symbol “Shadus”. Shadoos shares with a market value of 1,977 billion tomans are in the chemical products group.
The analysis of the trading board of “Shadus” shows that the behavior of the price of this share takes place with a short break in the direction of suspicious legal movements of the share. Therefore, whenever the rights start to buy heavily, a little later, the share of floor swings made in its chart has given good returns to the shareholders. Therefore, in order to recognize the validity of the upward wave, it is very important to examine the legal behavior of the share.
Technical analysis of chemical index
In the weekly dimensions, identifying the major structure in the index chart of the chemicals group helps a lot to identify the trend. After the deep reform of this industry, which occurred simultaneously with the collapse of the market in 1999, a new trend started in the chemical group in the middle of March of the same year. The structures specified in the index chart of this industry show that the index of this group is bullish.
Also, the emerging structures show that the corrective waves of the mentioned trend are very similar to each other. So that this index ended during the recent correction of the market from the middle of May of this year as soon as it reached the size of the previous correction, and the indicator of the group of chemical symbols started to make higher ceilings and floors.
The pattern of the Andrews fork tool in the pullback style shows that this indicator measured the level of support of the buyers by testing and then re-testing the middle line, and after that it was thrown upwards. If the last floor is maintained in the range of 152 thousand units, the indicator of the group of chemical symbols has the target of reaching the ceiling of the Andrews fork.
Therefore, it can be claimed that the three previous reform waves are from the same family. On the other hand, the slope of the first wave of this upward trend is very similar to the last upward wave of the market, which began in November 1401. Therefore, this point can be used to draw the Andrews fork.
Based on this drawing, if the weekly candle of this indicator closes above the middle line, it has a great chance for the index to grow to a high parallel. This means that the index has crossed its previous ceiling.
Technical analysis of Shadoos stocks
Investigating the behavior of Shadus stock price shows that after the upward rally of 1999, the share correction took place in the form of a compression in the form of a triangle. The classic technical view in this chart predicts the repetition of another bullish rally in the same time frame as the previous wave. The previous rising wave of this share lasted from 1994 to 1999, and during this time period, it has given its shareholders a growth rate of 7,300 percent.
However, analyzing the behavior of the price in close zoom, “Shadus” is facing a serious challenge in the face of the resistance of 2,650 tomans, which is the previous ceiling made before the market collapse in the middle of May. If the price can cross the previous ceiling and stabilize, pullback to this range will provide a good buying opportunity for stock market participants.
On the other hand, if the price does not have the ability to cross the specified range in the early days of the next week, then the BOF will strengthen the scenario of further correction in the Shudus symbol. In the meantime, maintaining the level of 1,815 Tomans is very important to continue the upward trend.
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